Mixed-Use Storefront
For Sale
$449,900
1102 Hanover Avenue, Allentown, PA 18109
ResidentialIncome, Allentown City, PA
Property Size2,876 SF
Lot Size0.11 Acres
Price / SF$156.43
Days on Market83
Property Features for 1102 Hanover Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MX-S
Parking
3
Subdivision
Not in Development
Elementary school district
Allentown
Middle school district
Allentown
High school district
Allentown
Directions
Rt 22 South on Airport Road to Hanover Avenue. Left on Hanover\ Avenue, the property will be on the right a few blocks up.
Standard status
Active
APN
641706238220 1
Size
2,876 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
6130
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1925
Number of units
3
Building materials
Brick
Listing Agency:
Howard Hanna TheFrederickGroup
(610) 398-0411
Listed By:
Matt Sprung · License #AB068265
(610) 417-2198
Added: Jun 27
Changed: Sep 17
Last Checked: Sep 17 at 3:06PM
MLS# 779481
Copyright © 2026 Greater Lehigh Valley REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use building combines a ground-floor retail storefront with two apartments, offering both commercial and residential components in one property. The 2,876-square-foot structure sits on 0.11 acres and was built in 1925 with brick construction, central air, and natural gas heating. Public water and public sewer serve the property, and the site is zoned MX-S.
The property is located at 1102 Hanover Avenue in Allentown’s East Side, near Coca-Cola Park and the Airport Road retail corridor. The surrounding area includes planned redevelopment of the former Allentown State Hospital site, including proposed residential, office, retail, healthcare, recreation, and school uses. Additional apartment development has also been proposed nearby.
The property is located at 1102 Hanover Avenue in Allentown’s East Side, near Coca-Cola Park and the Airport Road retail corridor. The surrounding area includes planned redevelopment of the former Allentown State Hospital site, including proposed residential, office, retail, healthcare, recreation, and school uses. Additional apartment development has also been proposed nearby.
Key Highlights
- Retail storefront plus two apartments
- 2,876 square feet on 0.11 acres
- MX‑S zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,423
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$708,460
$708.5K
Cap Rate 7%
$506,043
$506.0K
Cap Rate 9%
$393,589
$393.6K
Market Conditions
NOI Build-Up for 2,876 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.5K $18.60/SF
− Vacancy
−$2.9K −$1.00/SF
EGI
$50.6K $17.60/SF
− OpEx
−$15.2K −$5.28/SF
NOI
$35.4K $12.32/SF
Area
Allentown, PA
Vacancy
5.40%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$708,460
Cap Rate 7%
$506,043
Cap Rate 9%
$393,589
Alternative Uses
Best Use
Retail
$506.0K
$442.8K – $590.4K
NOI $35,423 @ 7.0% cap · market cap 7.87%
Second Best
Mixed Use
$401.2K
$351.1K – $468.1K
NOI $28,084 @ 7.0% cap · market cap 6.24%
Theoretical Best
Specialty Retail
$565.0K
$494.4K – $659.2K
NOI $39,551 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
946
Businesses Nearby
98k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 91%
Dining 9%
Wawa
Shops & Services
52,023 visits/mo
0.5 miles
Dollar Tree
Shops & Services
13,563 visits/mo
0.4 miles
Popeyes Louisiana Kitchen
Dining
7,858 visits/mo
0.2 miles
Speedway
Shops & Services
7,523 visits/mo
0.3 miles
Family Dollar
Shops & Services
6,114 visits/mo
0.3 miles
Demographics for 18109, PA
18,915
Population
7,395
Households
2.6
Avg Household Size
37
Median Age
19%
College-Educated
80%
High-School Grad
8.2 sq mi
ZIP Area
2,307
Density / Sq Mi
$55,437
Median Household Income
$36,632
Median Earnings
$1,239
Median Rent
$180,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial building with a retail storefront and two residential apartments under MX-S zoning.
Where is this mixed-use property located?
The property is located at 1102 Hanover Avenue Allentown, PA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Retail storefront plus two apartments; 2,876 square feet on 0.11 acres; MX‑S zoning
